Legislative Update—Act 50 (HB 439)
House Bill 439 signed by Governor Blanco has been designated as Act 50 [Rep. Doerge], which permits repayments of some DROP disbursements by eligible members of LASERS and the Teachers’ Retirement System of Louisiana (TRSL).
Under the provisions of Act 50:
Any retiree who received a qualified hurricane distribution prior to January 1, 2007, pursuant to the Katrina Emergency Tax Relief Act of 2005 or the Gulf Opportunity Zone Act of 2005, may contribute all or part of such qualified hurricane distribution within three years from the date on which such qualified hurricane distribution was received, but only to the extent that such qualified hurricane distribution was eligible for tax-free rollover treatment.
